Good morning contrarians! Welcome to the Daily Contrarian, our morning look at events likely to move markets. It is Friday, Oct. 4. Jobs Day. Today’s briefing/podcast is heavily abridged as your host had to be on the road early.
Read this month’s portfolio update letter here.
State of Play
Stocks treaded water again yesterday during another quiet day with little movement. As we eye our board of indicators for signs of direction at 0515 all is pretty quiet:
Stock index futures are flat as a board at this early hour, with no major US index moving more than 0.2% from the break-even point;
Commodities aren’t doing much either, though WTI crude oil is up another 1% to trade north of $74/barrel. That’s its highest level in more than a month;
Cryptos are showing some signs of life, with Bitcoin up 2% to trade around $61,500;
Bonds are unchanged. The 2-year yields 3.70% whilst the 10-year yield 3.85%.
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